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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
RUSSIA
- USD/RUB opens +0.28% higher this morning, broadly in line with weaker global risk sentiment and softer oil prices.
- Early strength in Brent on was pared as risk-off and concerns of slowing global fuel demand overshadowed optimism that OPEC+ would hold back on providing more supply in the coming months – following comments from four OPEC sources.
- Brent is currently looking vulnerable below the $70/bbl mark, but the real concern will set in if futures slip below the July 20 low at 66.91, opening up scope for a deeper pullback that will undoubtedly weigh on RUB. USD/RUB failed to move below Friday's close in yesterday's session, slowing the recent downside momentum.
- Choppy risk conditions around the FOMC minutes, question marks about china's economic activity and Afghanistan security concerns will likely keep EMFX and commodity currencies volatile this week.
- Price action will need to move below the 50dma at 73.3435 before targeting the 02 Aug lows at 72.6566.
- Intraday Sup1: 73.2181, Sup2: 73.00, Res1: 73.5342, Res2: 73.7458
Brent 17.08
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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